Leaping LEO

Stuck between $2 and $3 for much of the past several months, the LEO Token took flight yesterday following the news that the U.S. Justice Department seized more than $3.6 billion worth of stolen Bitcoin and had arrested a married couple on coin laundering charges connected with the infamous 2016 Bitfinex hack.

Launched in May 2019, LEO is the utility token for Bitfinex and its affiliated platforms. On Tuesday, LEO shot to a new all-time high above $8. As of this morning at 8:15 a.m. (EST), LEO, 26th-largest digital asset, was roughly $7, having gained 43% in the past 24 hours.

Despite that eye-blackening incident and China's recent regulatory clampdowns, Hong Kong-based Bitfinex remains one of the world’s largest crypto exchanges. It has pledged if it ever recovered any of the stolen BTC that at least 80% would be used to purchase LEO in the open market – and that those coins would be burned.

For now, the digital loot remains in the custody of the DoJ (Decrypt).

Developers behind Shiba Inu (SHIB) said the protocol would soon offer plots of virtual lands in an upcoming metaverse (CoinDesk). So-called “Shiba Lands” would be found inside the as-yet-unnamed SHIB-based metaverse and would be available for purchase or auction using LEASH tokens.

Limited in supply relative to SHIB, LEASH tokens rose as much as 46% in the past day. Meanwhile, SHIB, over 24 hours, as of 9 a.m. (EST), declined 2.7%.

Alleged hackers Ilya Lichtenstein and Heather Morgan – a Bonnie and Clyde for the digital age and who were already semi-notorious for their amateurish, crypto-themed rap videos – were apprehended after federal authorities exercised their ability to “follow the money through the blockchain,” according to the DoJ criminal complaint accusing the couple of conspiring to launder 119,754 BTC stolen from Bitfinex in 2016.

As news of the Bitfinex hack recovery spread, crypto luminaries took to Twitter to share their thoughts, a mix of shock, skepticism and kudos to law enforcement (Cointelegraph).

"Many of us never thought the stolen coins would be recovered," tweeted Emin Gün Sirer, founder of Ava Labs. "This is a testament to the transparency of blockchains, and what savvy law enforcement can do in this new universe."

Perhaps displaying a mastery of the obvious but still underscoring a not-be-overlooked point, Jack Niewold, founder of Crypto Pragmatist, predicted the recovery of the huge stash will likely carry enormous implications for BTC and LEO.

As expected, the crypto industry is set to unleash a blitz of advertising during the upcoming Super Bowl.

Crypto.com and FTX have confirmed that they're running spots which have the potential to reach upwards of 100 million viewers (Decrypt).

Canadian exchange Bitbuy is releasing an ad featuring former Toronto Raptors (and current Miami Heat) star Kyle Lowry.

Trading platform eToro will air a spot that's being teased this week on Twitter (“from Sunday, investing will never be the same”) in a nod to Apple's iconic "1984" spot and suggesting there’ll be some kind of significant announcement coming from the company, AdAge said.

Coinbase, which has yet to introduce itself to the broader market via television advertising, is, per the Wall Street Journal, set to air a commercial during the game. The exchange also has partnered with Rolling Stone magazine for an NFT drop.